Home prices increase
Home prices increase

By Richard Mize

Published: June 1, 2007
Modified: May 31, 2007 at 10:32 pm

New figures from the federal government show continued slight home price appreciation across the nation, on average, in the first quarter of this year, a surprise considering everyone from local Realtors and builders to the National Association of Realtors forecast a decrease.

The Office of Federal Housing Enterprise Oversight's national House Price Index was 0.5 percent higher in the first quarter than in the fourth quarter of 2006. The figure, based on home sales and refinancings, was less than the revised growth estimate of 1.3 percent from the third to the fourth quarter of 2006.

Nationally, prices in the first quarter of this year were 4.3 percent higher than they were in the same quarter in 2006.

Local builders and Realtors were less surprised by the finding of continued appreciation in the Oklahoma City metro-area market.

Oklahoma City-area prices were up 1.8 percent in the first quarter compared with the third quarter of 2006, and up 5.4 percent compared with the first quarter of 2006.

Tulsa-area prices increased 2.8 percent in the first quarter compared with the third quarter of 2006, and increased 5.25 percent compared with the first quarter of 2006.